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Should You Get an Appraisal Before Your Mortgage Refinance?

If you’re considering a mortgage refinance to take advantage of today’s best refinance rates, you might be concerned that you have enough equity in your home to qualify. Mortgage lenders have tightened their standards for mortgage refinance approval and one factor they look at is the loan-to-value ratio of your home’s equity. If you’re unsure how much equity you have an online appraisal can give you an approximate value. Here’s an article from MortgageLoan.com weighing the pros and cons of doing your own appraisal before your mortgage refinance:

How can you find out what your home is worth? If you’re looking to refinance your mortgage, it’s a critical piece of information, particularly if you’re not sure where you stand in terms of equity in the property.

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Once you’ve determined that you’re not underwater in your mortgage loan and that mortgage refinancing is an option, you’ll want to pay close attention to the fees you’ll be required to pay refinancing your home. Fees are one of the most important aspects of mortgage refinancing because you’ll need to recoup your out-of-pocket expenses before gaining any benefit from a lower payment amount. Paying lender junk fees on your mortgage refinance lengthens the amount of time it takes to break even and recoup your closing costs.

You can learn more about avoiding unnecessary fees and markup of your mortgage refinance by checking out my free Underground Mortgage Videos.

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